This paper examines the labor market dynamics and career concerns of mutual fund managers, focusing on how these factors influence their investment decisions and performance. The authors find that managerial turnover is sensitive to a fund's recent performance, with younger managers being more affected by performance. They argue that fund companies are learning about managers' abilities over time, and this learning process affects the sensitivity of separation to performance. Younger managers are more likely to be evaluated on a shorter-term basis, leading to a more performance-sensitive separation-performance relationship. The study also reveals that younger managers are more risk-averse and deviate less from typical behavior compared to older managers, possibly due to the desire to avoid separation. Additionally, the shape of the job separation-performance relationship may influence young managers' portfolio choices, encouraging them to be more conservative. The paper also discusses how investment flows react to managerial turnover, suggesting that investors may reallocate their investments in response to changes in fund management. Overall, the findings highlight the complex interplay between career concerns and investment decisions in the mutual fund industry.This paper examines the labor market dynamics and career concerns of mutual fund managers, focusing on how these factors influence their investment decisions and performance. The authors find that managerial turnover is sensitive to a fund's recent performance, with younger managers being more affected by performance. They argue that fund companies are learning about managers' abilities over time, and this learning process affects the sensitivity of separation to performance. Younger managers are more likely to be evaluated on a shorter-term basis, leading to a more performance-sensitive separation-performance relationship. The study also reveals that younger managers are more risk-averse and deviate less from typical behavior compared to older managers, possibly due to the desire to avoid separation. Additionally, the shape of the job separation-performance relationship may influence young managers' portfolio choices, encouraging them to be more conservative. The paper also discusses how investment flows react to managerial turnover, suggesting that investors may reallocate their investments in response to changes in fund management. Overall, the findings highlight the complex interplay between career concerns and investment decisions in the mutual fund industry.